Red Rock Resources - Jupiter Mines Q3 and iron ore Spin Off update
Red Rock Resources PLC
("Red Rock" or the "Company")
Jupiter Mines Q3 Results and Update on Iron Ore Spin Off
Red Rock Resources Plc, the natural resource development company with interests in gold, copper/cobalt, manganese and minerals, announces, further to the update of
Jupiter has announced results for its third quarter ended
· Cash generated from operations at Tshipi Borwa mine in Q3 of AUD 42.1m
· Rail allocations back to usual levels
· Despite poor weather in Q3, record mining production in October
· Drop in average FOB cost of production from Q2 to Q3 of approx. 15%
· Sales build up through Lüderitz port ahead of plan
· Return to 90% dividend payout policy projected for full year
· Aim for iron ore IPO end-February/beginning March
Red Rock Chairman
In October Jupiter achieved the highest production volume in its history, and as a result of increased volumes and a higher grade mix, unit costs of production saw a 3.5% drop year -on-year and a 15.4% decrease quarter-on-quarter.
Rail allocations were back to normal, and volumes through the new shipping route developed by Jupiter through Lüderitz to reduce costs on that part of production dependent on road transport to port are ahead of plan, exceeding 60,000 tpm.
After a 3.6% (
The Jupiter management continues to aim at an end-February or eqrly March date for the projected iron ore spin-off IPO, As preparations have continued, conditions in the iron ore market have been improving, and we believe that there is a reasonable prospect that the new company will be launched into a receptive marketplace.
For Red Rock, as royalty-holders as well as shareholders, the iron ore price and IPO developments are particularly exciting."
The Central Yilgarn Iron Ore Project consists of (a) the Mt Ida magnetite deposit, where a 1.23 bn ton JORC compliant Indicated Resource of 29.79% Fe in its
Red Rock has a holding in Jupiter Mines valued currently at approximately AUD 4.0m (
For further information, please contact:
Scott Kaintz 0207 747 9990 Director Red Rock Resources Plc
Roland Cornish/ Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Mark Treharne 0203 700 2500 Broker Pello Capital Limited
Quick facts: Red Rock Resources PLC
Market Cap: -
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE